Although the majority of economists work independently in an office, some collaborate with other economists and statisticians. Most economists work full time during regular business hours, but occasionally they work overtime to meet deadlines.

Employment of economists is projected to grow 6 percent from 2014 to 2024, about as fast as the average for all occupations. Job prospects should be best for those with a master’s degree or Ph.D., strong analytical skills, and related work experience.

Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.

Duties

Economists typically do the following:

Research and analyze economic issues

Conduct surveys and collect data

Analyze data using mathematical models and statistical techniques

Prepare reports, tables, and charts and present research results

Interpret and forecast market trends

Advise businesses, governments, and individuals on economic topics

Design policies or make recommendations for solving economic problems

Write articles for publication in academic journals and other media sources

Economists apply economic analysis to issues within a variety of fields, such as education, health, development, and the environment. Some economists study the cost of products, healthcare, or energy. Others examine employment levels, business cycles, exchange rates, taxes, inflation, or interest rates.

Economists often study historical trends and use them to make forecasts. They research and analyze data using a variety of software programs, including spreadsheets, statistical analysis, and database management programs. They sometimes give a presentation of their research to various audiences.

Many economists work in federal, state, and local government. Federal government economists collect and analyze data about the U.S. economy, including employment, prices, productivity, and wages, among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations.

Economists working for corporations help them understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits.

Economists also work for research firms and think tanks, where they study and analyze a variety of economic issues. Their analyses and forecasts are frequently published in newspapers and journal articles.

Some economists work for companies with major international operations and for international organizations such as the World Bank, International Monetary Fund, and United Nations.

Behavioral economists study the effects of psychological and social factors on the economic decisionmaking of an individual. They research how these factors lead to and affect the outcome of an economic decision.

Econometricians develop models and use mathematical analyses to test economic relationships. They use techniques such as calculus, game theory, and regression analysis to explain economic facts or trends in all areas of economics.

Industrial organization economists study how companies within an industry are organized and how they compete. They also examine how antitrust laws, which regulate attempts by companies to restrict competition, affect markets.

International economists study international trade and the impact of tariffs and trade restrictions. They also examine global financial markets and exchange rates.

Labor economists study the supply of workers and the demand for labor by employers. They research employment levels and how wages are set. They also analyze the effects of labor-related policies, such as minimum wage laws, and institutions, such as unions.

Macroeconomists and monetary economists examine the economy as a whole. They may research trends related to unemployment, inflation, and economic growth. They also study fiscal and monetary policies, which examine the effects of money supply and interest rates on the economy.

Microeconomists analyze supply and demand decisions of individuals and firms. For example, they may determine the quantity of products consumers will demand at a particular price.

Public finance economists analyze the role of government in the economy. Specifically, they may analyze the effects of tax cuts, budget deficits, and welfare policies.

Economists held about 21,500 jobs in 2014. The industries that employed the most economists were as follows:

Federal government, excluding postal service

21%

Management, scientific, and technical consulting services

18

Scientific research and development services

15

State and local government, excluding education and hospitals

15

Finance and insurance

5

Economists typically work independently in an office. However, many economists collaborate with other economists and statisticians, sometimes working on teams. Some economists work from home, and others may be required to travel as part of their job or to attend conferences.

Some economists combine a full-time job in universities or businesses with part-time consulting work.

Work Schedules

Most economists work full time. Some work under pressure of deadlines and tight schedules that may require overtime hours. About 1 out of 4 economists worked more than 40 hours per week in 2014.

Communication skills are important for economists, since they sometimes present research to colleagues.

Most economists need a master’s degree or Ph.D. However, some entry-level jobs—primarily in government—are available for workers with a bachelor’s degree.

Education

A master’s degree or Ph.D. is required for most economist jobs. Positions in business, research, or international organizations often require a combination of graduate education and work experience.

Students can pursue an advanced degree in economics with a bachelor’s degree in a number of fields, but a strong background in mathematics is essential. A Ph.D. in economics may require several years of study after earning a bachelor’s degree, including completion of detailed research in a specialty field.

Candidates with a bachelor’s degree may qualify for some entry-level economist positions, including jobs with the federal government. An advanced degree is sometimes required for advancement to higher level positions.

Most students who complete a bachelor’s degree in economics find jobs outside the economics profession as research assistants, financial analysts, market research analysts, and similar positions in business, finance, and consulting.

Other Experience

Aspiring economists can gain valuable experience from internships that involve gathering and analyzing data, researching economic issues and trends, and writing reports on their findings. In addition, related experience, such as working in business or finance, can be advantageous.

Important Qualities

Analytical skills. Economists must be able to review data, observe patterns, and draw logical conclusions. For example, some economists analyze historical employment trends to make future projections on jobs.

Communication skills. Economists must be able to explain their work to others. They may give presentations, explain reports, or advise clients on economic issues. They may collaborate with colleagues and sometimes must explain economic concepts to those without a background in economics.

Critical-thinking skills. Economists must be able to use logic and reasoning to solve complex problems. For instance, they might identify how economic trends may affect an organization.

Detail oriented. Economists must pay attention to details. Precise data analysis is necessary to ensure accuracy in their findings.

Math skills. Economists use the principles of statistics, calculus, and other advanced topics in mathematics in their economic analyses.

Writing skills. Economists must be able to present their findings clearly. Many economists prepare reports for colleagues or clients; others write for publication in journals or for news media.

Economists

Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Occupational Employment Statistics

The median annual wage for economists was $99,180 in May 2015.
The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $52,540, and the highest 10 percent earned more than $176,960.

In May 2015, the median annual wages for economists in the top industries in which they worked were as follows:

Finance and insurance

$118,410

Federal government, excluding postal service

110,470

Management, scientific, and technical consulting services

105,510

Scientific research and development services

95,710

State and local government, excluding education and hospitals

67,930

Most economists work full time. Some work under pressure of deadlines and tight schedules that may require overtime hours. About 1 out of 4 economists worked more than 40 hours per week in 2014.

Economists

Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Employment Projections program

Employment of economists is projected to grow 6 percent from 2014 to 2024, about as fast as the average for all occupations.

Businesses and organizations across many industries are increasingly relying on economic analysis and quantitative methods to analyze and forecast business, sales, and other economic trends. Demand for economists should grow as a result of the increasing complexity of the global economy, additional financial regulations, and a more competitive business environment. As a result, demand for economists should be highest in private industry, especially in management, scientific, and professional consulting services.

However, employment in the federal government—the largest employer of economists—is projected to decline over the next ten years due to anticipated reductions in federal spending.

Job Prospects

In general, job opportunities should be good. Candidates with a master’s degree or Ph.D., strong quantitative and analytical skills—particularly with large datasets— and related work experience will have the best prospects.

Applicants with a bachelor’s degree may face very strong competition for jobs. As a result, bachelor’s degreeholders will likely find jobs outside the economist occupation, working instead as research assistants, financial analysts, market analysts, and in similar positions in business, finance, and consulting.

Employment projections data for economists, 2014-24

Occupational Title

SOC Code

Employment, 2014

Projected Employment, 2024

Change, 2014-24

Employment by Industry

Percent

Numeric

SOURCE: U.S. Bureau of Labor Statistics, Employment Projections program

Occupational Employment Statistics (OES)

The Occupational Employment Statistics (OES) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OES data maps for employment and wages by state and area.

Projections Central

Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.com. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state’s websites where these data may be retrieved.

Career InfoNet

America’s Career InfoNet includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.

Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk that an event will occur, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries’ work is essential to the insurance industry.

Postsecondary teachers instruct students in a wide variety of academic and career and technical subjects beyond the high school level. They also conduct research and publish scholarly papers and books.

Survey researchers design and conduct surveys and analyze data. Surveys are used to collect factual data, such as employment and salary information, or to ask questions in order to understand people’s opinions, preferences, beliefs, or desires.

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2015 Median Pay

The wage at which half of the workers in the occupation earned more than that amount and half earned less. Median wage data are from the BLS Occupational Employment Statistics survey. In May 2015, the median annual wage for all workers was $36,200.

On-the-job Training

Additional training needed (postemployment) to attain competency in the skills needed in this occupation.

Entry-level Education

Typical level of education that most workers need to enter this occupation.

Work experience in a related occupation

Work experience that is commonly considered necessary by employers, or is a commonly accepted substitute for more formal types of training or education.

Number of Jobs, 2014

The employment, or size, of this occupation in 2014, which is the base year of the 2014-24 employment projections.

Job Outlook, 2014-24

The projected percent change in employment from 2014 to 2024. The average growth rate for all occupations is 7 percent.

Employment Change, 2014-24

The projected numeric change in employment from 2014 to 2024.

Entry-level Education

Typical level of education that most workers need to enter this occupation.

On-the-job Training

Additional training needed (postemployment) to attain competency in the skills needed in this occupation.

Employment Change, projected 2014-24

The projected numeric change in employment from 2014 to 2024.

Growth Rate (Projected)

The percent change of employment for each occupation from 2014 to 2024.

Projected Number of New Jobs

The projected numeric change in employment from 2014 to 2024.

Projected Growth Rate

The projected percent change in employment from 2014 to 2024.

2015 Median Pay

The wage at which half of the workers in the occupation earned more than that amount and half earned less. Median wage data are from the BLS Occupational Employment Statistics survey. In May 2015, the median annual wage for all workers was $36,200.